On July 4, 1776, the Declaration of Independence, which was approved by the Continental Congress in Philadelphia, set the 13 colonies on the road to freedom as a sovereign nation. This adopted document later came to be known as the United States Declaration of Independence.
Let's show and waive our US flags proudly on this special day.
Best Wishes to you and your families for fun and safe celebrations of our U.S. Independence Day 2009, with picnics, making and listening to music, fishing and relaxing, swimming or hiking, relaxing in a porch chair or swing, playing some baseball or tennis, eating watermelon, and enjoying fireworks displays.
We celebrate this ...
"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed."
We need more US government tax incentives for home and property buyers in the United States, and less focus of time and money on loan modifications.
BloombergNews.com reported that "U.S. mortgage applications fell last week by the most since February, defying efforts by President Obama's administration to revive the housing market." See article ~ Mortgage Applications Are Down ~ Bloomberg News, July 1, 2009.
The government's focus on loan mods is not working to stimulate the economy, and it's not tax encouragement for home and property buyers.
Obama's new Home Affordability Refinance Program (HARP) raises its maximum Loan-To-Value (LTV) limit from 105% to 125% (I do not support this).
Spending so much taxpayer money on loan mods is not reducing unemployment. The decline of mortgage applications shows that buyers and owners are discouraged from getting home loans.
To improve the housing market, bills have been introduced by U.S. Senator Johnny Isakson (R-Ga.) and Rep. Ken Calvert (R-Calif.), which would bump up tax credit to $15,000 or 10% of the home's purchase price, whichever is lower. Both bills would expand tax credit to be used by any buyer, not limited to first timers, and remove income limits on qualifications.
In its welcoming move, the California Association of REALTORs® and its Housing Affordability Fund continues to offer its free Mortgage Protection Program as insurance for first time homebuyers.
The Association says this is to help provide first-time homebuyers with peace of mind when purchasing a home.
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The CALIFORNIA ASSOCIATION OF REALTORS® Housing Affordability Fund (C.A.R.H.A.F.) continues to offer the FREE supplemental insurance product for qualified first time homebuyers.
Through this fund's Mortgage Protection Program (free insurance), first-time homebuyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month (for six months) to help make their mortgage payments, and qualified co-buyers can receive $750 per month (for six months).
Homebuyers can request an application for this free Mortgage Protection Program from their REALTOR® who will have information and materials.
This is part of customer service that is offered by and through California REALTOR® members of this Association.
The US Federal Reserve (the FED) during the week ending June 26, 2009, made no change in the FED funds rate, and mortgage rates were generally unchanged.
According to the National Association of Realtors, existing US home sales in May 2009 rose 2.4% vs. April 2009. That was the first time since September 2005 that existing home sales increased for two months in a row.
Market Saturation ~ The US inventory of unsold homes declined to a 9.6 month supply in May 2009 from a 10.1 month supply in April.
The National Assoc. of Realtors survey showed that 29% of May home sales were to first-time homebuyers, which were helped by the $8,000 tax credit, low mortgage rates, and favorable affordability levels.
Many of the condos we preview with customers and buyer clients here in Orange County are nice and priced well according to market. So these well priced homes get lots of investor and buyer interest with competing offers.
The median sold price of OC condo was down to $263,500 in May 2009, which is down 44% from peak of $470,000 in 2006.
But this doesn't alone mean you will can get the good condo deal.
Most of the condos sold in OC during May 2009 were distressed homes and not regular equity situations.
Times have changed, and it's challenging for buyers to find a home that's nice, with attractive price, where you can have a fair chance to buy without sellers getting swamped with offers.
Most of the condos sold in OC during May 2009 were distressed homes (REOs and short listings) where sellers got multiple offers.
So homebuyers need to be creative and aggressive with their offering plans to get that good condo deal in Orange County, including possible removal of contingencies and pre-approval for home loans.
See article ~ Condos a steal for homebuyers seeking deal (click here) ~ Jon Lansner, OCRegister.com, June 28, 2009, who says by his math that condos should outperform single-family homes in the future on a pricing basis.
Has your REVOCABLE LIVING TRUST been kept up to date according to your wishes and intentions?
Will your REVOCABLE LIVING TRUST protect your loved ones from losing their inheritance to divorces, lawsuits, creditors and government claims?
Do you own a home or real property? Does your LIVING TRUST hold title to that property?
Does your LIVING TRUST use a special "legacy" provision to build your family's wealth, free of estate taxes, for several generations?
Does your LIVING TRUST (plus other special signed document) permit your surviving spouse to potentially save hundreds of thousands of dollars in capital gains taxes?
If you are married, do you have the right kind of "A-B" LIVING TRUST (husband and wife trust) so that your surviving spouse can avoid needless paperwork and fees, and so your IRAs won't cause needless estate taxes?
Are your health care directive documents and your LIVING TRUST (propertly updated for recent laws caled HIPAA and CMIAA), so the person you have named as your successor trustee can act promptly when you are ill or disabled, rather than be forced to go to court?
Do you have a simple and valuable Emergency Card to make sure your Health Care decision making documents will be immediately available if and when you are rushed to the hospital?
Are your company retirement plans and IRAs properly protected by your LIVING TRUST?
According to IRS rules, these IRA accounts may someday represent the largest assets your loved ones will inherit and, even if they are only $100,000, your family could lose millions if these accounts are not planned for properly.
Does your LIVING TRUST have the flexibility to adapt (after you are gone) to new tax laws and the changing needs and circumstances of your beneficiaries (so your trust will continue to work the way you intended?
Do your Trustees and beneficiaries have an Owner's Manual and Trustee Manual they can turn to for guidance when the time comes?
These are important estate planning questions. Trusts and Estate Planning are complicated matters involving legal and income tax matters.
For information and advice, contact a qualified attorney in your state and jurisdiction who is experienced in living trusts and estate planning.
It's good news that CA homes median sold prices were up in May 2009, as compared to April and March 2009.
Sold prices are still down May 2009, as compared to same time last year, May 2008. This is because of buyer market rush to pick up the REO bank owned and distressed homes at lower price level.
Realtors report 10% jump in O.C. house prices (click here) ~ OCRegister.com, June 26, 2009. This is report that home sale prices were up form the month of May as compared to April, 2009.
CA Homes Sales are Up ~ June 26, 2009. This is report that home sales were up in May, that sold prices in CA were up May over April, but still down May 2009 as compared to May 2008.
He reported that some property owners and corporations are using a 1031 Tax-Deferred Exchange strategy to divest themselves of environmentally outdated properties, and acquire modern, energy-efficient ones, thus solving "Green" investor requirements and financial needs.
IRC Code Section 1031 says that a taxpayer can defer payment of capital gains, depreciation recapture and state taxes on the sale of investment or business property provided the proceeds are used to purchase a replacement property within certain time frames.
William Hood said: "For property investors and corporations considering exchanging their investment residential or commercial properties, "going ‘Green' offers a host of highly tangible benefits:
Lower operating costs;
Ability to attract a higher class of tenants (Federal Government Agencies are striving to lease only properties that are designated "Green")
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The Association says this is to help provide first-time homebuyers with peace of mind when purchasing a home.
Has your REVOCABLE LIVING TRUST been kept up to date according to your wishes and intentions?
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